Committee Reports::Report - Appropriation Accounts 1965 - 1966::14 July, 1967::Appendix


	HOME Baile
	COMMITTEE REPORTS Tuasascálacha Coistí

Committee Reports > List of Committees > Dáil > 1967 > Committee of Public Accounts > Report - Appropriation Accounts 1965 - 1966

APPENDIX XLIV.

THE DAIRY DISPOSAL COMPANY LIMITED AND ASSOCIATED COMPANIES.

Accounts year ended 31st December, 1965.

Notes on and forming part of the Combined Accounts

1. Fixed Assets:

Except otherwise stated, amounts are per the Directors’ valuations at 31st December, 1963 for all existing assets which were acquired before that date and at cost if acquired thereafter.

2. Capital Commitments at 31st December, 1965 not dealt with in the Accounts amounted to £104,372, which includes £70,125 in respect of orders actually placed at that date.

3. Capital Grants Received £250 have been appropriated to Capital Grants Reserve and £4,025 other capital gains have been added to Fixed Assets Replacement Reserve. The decrease of £3,500 in the Doubtful Debts Reserve required has been added back, the Debtors being shown less the Reserve £23,800.

4. Directors Emoluments, including £1,401 appropriate to 1964, but payable in 1965, were as follows:

						1965	(1964)
						£	£
Fees for services as Directors		..	..	..	..	955	600
Remuneration for whole time management services					..	12,916	10,455
Pension Scheme contributions in addition thereto					..	2,908	2,214
Pension of retired Director in respect of past
management service	..	..	..	..	..	368	342
						£17,147	£13,611

5. Remuneration of Auditors (including expenses) was £3,790 (1964, £3,790).

6. The Net Trading Surplus was £297,612 after deducting £13,934 in respect of Subsidy rate revisions applicable to the previous year. (1964: £278,059 after net deductions, £6,750 from previous Subsidy).

THE DAIRY DISPOSAL COMPANY LIMITED AND ASSOCIATED COMPANIES

COMBINED BALANCE SHEET AS AT 31st DECEMBER, 1965

1964)												(1964)
	Total Capital Authorised:												Fixed Assets:			Val. or Cost			Depreciation			Net
	20,120 Shares of £1 each		...	...	...	20,120	0	0					Goodwill as at 31st
	Capital Issued and Fully Paid:											15,273	December, 1930		...	15,273	0	0	—			15,273	0	0
20,022	20,022 Shares of £1 each		...	...	...				20,022	0	0		Patents, Rights and
	Loan Capital:											20,000	Trade Marks		...	20,000	0	0	—			20,000	0	0
584,603	The Department of Agriculture			...	...				584,602	16	4	49,121	Land and Farms		...	49,121	0	0	—			49,121	0	0
	Capital Reserves:												Buildings and Factory
98,424	Capital Grants Reserves		...	...	...	98,674	3	9				1,050,127	Premises	...	...	1,140,101	19	6	54,715	19	6	1,085,386	0	0
557,275	Fixed Assets Replacement Reserves				...	561,300	0	0				1,260,912	Plant and Machinery			1,508,423	14	8	214,372	14	8	1,294,051	0	0
									659,974	3	9	13,608	Office Equipment		...	19,720	9	6	2,171	9	6	17,549	0	0
	Revenue Reserves and Undistributed											116,222	Motor Transport		...	182,998	15	8	69,651	15	8	113,347	0	0
	Profits:											7,472	Agricultural Machinery			10,045	9	7	3,978	9	7	6,067	0	0
957,783	Net Profit and Loss Account			...	...				997,159	5	2	5,485	Breeding Stock		...	7,768	18	10	3,303	18	10	4,465	0	0
2,218,107									2,261,758	5	3	3,814	Trade Investments at Cost	...	...	3,864	0	0	—			3,864	0	0
	Future Taxation:
32,042	Income Tax 1966/67		...	...	...	33,199	10	10				2,542,034				2,957,317	7	9	348,194	7	9	2,609,123	0	0
70,169	Deferred Tax Equalisation			...	...	88,930	0	0
									122,129	10	10		Current Assets:
	Current Liabilities and Other Provisions:											1,192,354	Stocks and Stores Debtors and Unexpired						1,387,311	9	9
1,872,878	Bank Overdrafts less Cash in hands				...	1,936,305	16	2				780,518	Payments less Reserves						699,462	9	7
285,298	Trade Creditors	...	...	...	...	343,376	13	8														2,086,773	19	4
36,412	Income Tax 1965/66		...	...	...	32,326	13	5
									2,312,009	3	3			J. HENIGAN, Chairman					Directors.
														P. J. McDERMOTT					Directors.
														C. L. TIMLIN, Secretary.
4,514,906									4,695,896	19	4	4,514,906										4,695,896	19	4

AUDITORS’ REPORT.

We have examined the foregoing Combined Balance Sheet, Combined Profit and Loss Account and Notes and have obtained all the information and explanations we considered necessary for our audit.

We have also examined and reported on the accounts of Cleeves Confectionery Limerick Limited, The Newmarket Dairy Company 1932 Limited, The Condensed Milk Company of Ireland 1928 Limited, as well as the Accounts of the Dairy Disposal Company Limited, in the manner required by the provisions of the Companies Act, 1963.

In our opinion, the above Combined Balance Sheet, Profit and Loss Account and Notes give a true and fair view of the combined state of affairs as at 31st December, 1965 and of the profit for the year ended on that date.

30, Westmoreland Street, Dublin 2,		KEAN & COMPANY,
15th June, 1966.		Chartered Accountants.

THE DAIRY DISPOSAL COMPANY LIMITED AND ASSOCIATED COMPANIES COMBINED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1965

				(1964)											(1964)
Depreciation:											Net Trading Surplus before
Buildings and Factory											Depreciation		..	..	278,059				297,611	12	8
Premises		..	..	26,807	27,934	15	9
Plant and Machinery			..	107,255	110,466	14	4				Dividends and Interest from
Office Equipment			..	1,041	1,137	6	2				Unquoted Investments				146				163	8	2
Motor Transport			..	35,319	33,385	12	11
Agricultural Machinery				2,289	1,809	1	7
Breeding Stock		..	..	1,962	1,256	4	8								278,205				297,775	0	10
				174,673				175,989	15	5	Profit for year before
Exchequer Interest for the											Taxation		..	..	68,456				86,709	2	1
year	..	..	..	35,076				35,076	3	4
Balance carried down			..	68,456				86,709	2	1					68,456				86,709	2	1
				278,205				297,775	0	10	Net Profit for year after
Income Tax on the											Taxation		..	..	20,720				34,610	2	7
Current Profits:
Dairy Disposal											Doubtful Debts Reserves
Company Limited			..	29,875	33,170	9	11				not required		..	..	300	3,500	0	0
Associates after
Allowances forward			..	2,167	167	9	7				Previous Tax Overprovision
Tax deferred by Initial											of Associate		..	..	—	1,265	19	4
Allowances			..	15,694	18,761	0	0
											Capital Grants Received			..	3,424	250	0	0
				47,736				52,098	19	6									5,015	19	4
Balance carried down			..	20,720				34,610	2	7	Forward from previous
											year	..	..	..	936,763				957,783	3	3
				68,456				86,709	2	1
Appropriations:												J. HENNIGAN, Chairman				Directors.
Capital Grants Reserve				3,424				250	0	0		P. J. McDERMOTT				Directors.
Balance carried forward to												C. L. TIMLIN, Secretary.
next Account		..	..	957,783				997,159	5	2
				961,207				997,409	5	2					£961,207				£997,409	5	2

RECONCILEMENT SHOWING THE AMOUNT DUE BY THE DAIRY DISPOSAL COMPANY TO THE EXCHEQUER AS AT 31st DECEMBER, 1965

						£	s.	d.						£	s.	d.
Amount advanced by the Department of Agriculture					..	1,173,502	3	9	mount surrendered to Department of Agriculture
up to and including 31st December, 1965*									up to and including 31st December, 1965			..	..	394,873	16	11
Interest accrued on sales of properties, creameries,	..	..	..	..	..	62,032	15	6	Expenses borne by the Exchequer in connection with
milk supplies, etc.									the Scheme up to 31st March, 1965			..	..	53,363	9	1
									Expenses chargeable to the Exchequer in connection with creameries acquired under the Creameries
									(Acquisition) Act, 1943	..	..	..	..	32,405	13	7
									Subsidies appropriate to cover realisation losses				..	170,289	3	4
									Balance due to Exchequer	..	..	..	..	584,602	16	4
						£1,235,534	19	3						£1,235,534	19	3

* Exclusive of headquarters administration expenses.